SOURCE: Pegasus Cementers, Inc.

May 24, 2007 11:03 ET

Pegasus Cementers Clarifies Acquisition Statement Made by Drake Gold Resources, Inc.

SAN ANTONIO, TX -- (MARKET WIRE) -- May 24, 2007 --Pegasus Cementers today announces clarification of a supposed acquisition statement made by Drake Gold Resources, Inc. On July 10, 2006, Drake made a public announcement of its "100% acquisition of Pegasus Cementers, Inc. dba Pegasus Oil Well Services." This was not true as Pegasus is not now, nor has it ever been, owned by Drake in whole or in part. An initial agreement made between the companies was never finalized as Drake defaulted under the terms of said agreement. Pegasus now takes this opportunity to correct this misstatement made previously and to invite oil and gas well operators as well as water well owners in the central and south Texas area to visit our web site at http://pegasuscementers.com for information about our services.

About Pegasus Cementers:

Pegasus Cementers, Inc. provides services for owners and/or operators of oil, gas, and water wells in the south Texas area. We provide an economic alternative to these owners and/or operators for these shallow wells. We have been serving this area for over five years.

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